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Small Business Tax

Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?

Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.

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Accord­­ing to a new report from the Government Accountability Office (GAO), the IRS has to shore up its internal controls.
It’s not related to global warming, but countries around the world continue to turn up the heat on scofflaws hiding income in offshore accounts.
Suppose you’ve just discovered a mistake on the 2017 tax return you filed this spring. Should you file an amended tax return?
Tax return pros who registered for certification testing, only to have the test canceled due to a court injunction in March, are entitled to a refund.
The IRS continues to turn up audit heat on real estate professionals.
Do you operate a business from home? You’re entitled to home office deductions only if you regularly and exclusively use the place as your principal place of business or where you meet or deal with customers, clients or patients in the normal course of business. Taxpayers are often tripped up by the requirement for “exclusive” use.
Figure out your tax liability on benefits in 2018. Depending on your situation, you might make some moves to reduce the tax.
Q. I am buying a new business car, but I haven’t finished writing off the old one I’m trading in. Can I claim depreciation deductions for the new one? A.E.P., Albuquerque, N.M.
Q. My son just graduated from college. Can he deduct his job-hunting expenses?
Usually, you don’t voluntarily pay tax sooner rather than later, but you might make an exception when your young child receives Series EE U.S. Savings Bonds.
Beginning in 2013, there’s an extra tax incentive for investing in municipal bonds (munis). Strategy: Include more munis in your portfolio to sidestep the new 3.8% Medicare surtax.
The Ameri­­can Taxpayer Relief Act (ATRA) revived the research credit, retroactive to 2012 and extended it through 2013.
Q. My wife quit her job years ago, but she hasn’t moved her 401(k) funds. Is this a problem? R.B., Nazareth, Pa.
Suppose you’ve turned a personal hobby into a money-making venture. The activity can provide some tax benefits if you can convince the IRS it’s now a for-profit business instead of a hobby.
If you own a C corporation, you’re effectively taxed twice—once when the company earns taxable income and again when those earnings are paid to you as dividends. To avoid this double tax whammy, you might want to switch to the S corporation form of ownership. Strategy: Watch out for the “built-in gains” (BIG) tax.
Q. I’m past the age for receiving IRA distributions. Can I set up and contribute to a Roth?
Due to a number of tax law changes taking effect this year—including an onerous new Medicare surtax on investment income and higher tax rates for wealthy taxpayers—it’s important for you to start focusing on ways to cut your 2013 tax bill down to size.
The IRS has long been suspicious of inflated deductions for charitable gifts. Now it’s giving fair warning to taxpayers. It recently posted a reminder on its website featuring nine tax deduction tips.
Is your child graduating from high school or entering senior year? A gifted student may qualify for a college scholarship based on a specific talent, experience or achievement. Strategy: Have your child aim for tax-free scholarships.
With the sequester gripping Washington, D.C., all kinds of tax reforms are on the table. A new $3 million limit would apply to assets in IRAs and qualified retirement plans.
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